Merit Circle DAO's Beam Network on Avalanche: Surging BEAM Token and Growing Transaction Volume

In the world of cryptocurrency, the Merit Circle DAO has recently gained attention with the launch of its Beam network on Avalanche. This gaming-focused crypto group has seen its BEAM token surge in value, with a 36% increase in the past day and a 25% increase in the past week, according to CoinGecko data. With a current price of approximately $0.022, BEAM is approaching its all-time high of $0.027, which was recorded on December 14. The Beam subnet has also experienced a notable rise in total transactions, reaching over 103,000 transactions on Wednesday, as per Avalanche network data. Additionally, over half a million wallet addresses have engaged with Beam's blockchain since its launch.

Expanding its capabilities, the Beam blockchain recently added the Polygon-powered Immutable zkEVM blockchain to its list of compatible chains for its Sphere NFT marketplace and broader tech stack offering. Despite Wednesday's price losses following Bitcoin's flash crash, Immutable's IMX token has rebounded by approximately 4% in the past day. However, it remains down by about 4.6% in the past week, according to CoinGecko. While the BEAM token experienced a dip of around 9.5% on Wednesday, it has already rebounded significantly, surpassing the gains seen by the top 20 gaming-focused cryptocurrencies by market cap. Apart from BEAM, only Merit Circle's governance token and Yield Guild Games token have seen double-digit percentage gains in the gaming space following Wednesday's dip.

The question arises: why is BEAM experiencing such a surge? One self-described Beam "maxi" suggested that there may be a "FOMO rush" to buy the token, leading to its price increase. Maximalists, as they are known, typically support and promote one specific crypto token while critiquing others. Decrypt reached out to Merit Circle co-founder Marco van den Heuvel, who mentioned that the transaction surge on Beam is likely due to activity from "one or two" games that have only partially deployed on the network so far. These games include Goons of Balatroon and Nekoverse City of Greed.

As the Merit Circle DAO's Beam network gains traction and its BEAM token continues to rise in value, the future of this gaming-focused crypto group appears promising. With a growing number of transactions and engagement from various wallet addresses, it will be interesting to see how Beam further establishes itself in the gaming and crypto space.